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Mortgage Servicing Rights (Tables) | 6 Months Ended
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Jun. 30, 2014
Activity for Residential First-Lien Mortgage Servicing Rights | The following table presents activity for MSRs for the three and six months ended June 30, 2014 and 2013. MSR Activity
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Balance at beginning of period |  | $ | 64,971 |  |  | $ | 18,123 |  |  | $ | 64,824 |  |  | $ | 5,315 |
Additions |  |  | 11,807 |  |  |  | 16,148 |  |  |  | 14,666 |  |  |  | 28,614 |
Changes in fair value due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in assumptions (1) |  |  | (3,553) |  |  |  | 9,506 |  |  |  | (4,678) |  |  |  | 10,312 |
Other changes (2) |  |  | (2,000) |  |  |  | (679) |  |  |  | (3,587) |  |  |  | (1,143) |
Balance at End of Period |  | $ | 71,225 |  |  | $ | 43,098 |  |  | $ | 71,225 |  |  | $ | 43,098 |
(1) | Primarily reflects changes in prepayment assumptions due to changes in interest rates and discount rates.
(2) | Represents changes due to realization of expected cash flows.
Details of Retention and Purchase of MSRs | The following table details the retention and purchase of MSRs during the three and six months ended June 30, 2014. MSR Additions
(In Thousands) |  | Three Months Ended June 30, 2014 |  |  | Six Months Ended June 30, 2014 |
|  | MSR Value |  |  | Associated Principal |  |  | MSR Value |  |  | Associated Principal |
Jumbo MSR additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From securitization |  | $ | 2,186 |  |  | $ | 257,201 |  |  | $ | 2,186 |  |  | $ | 257,201 |
From loan Sales |  |  | - |  |  |  | - |  |  |  | 488 |  |  |  | 58,793 |
Total jumbo MSR additions |  |  | 2,186 |  |  |  | 257,201 |  |  |  | 2,674 |  |  |  | 315,994 |
Conforming MSR additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From loan sales |  | $ | 7,495 |  |  | $ | 725,339 |  |  | $ | 9,302 |  |  | $ | 880,437 |
From purchases |  |  | 2,126 |  |  |  | 213,953 |  |  |  | 2,690 |  |  |  | 273,342 |
Total conforming MSR additions |  |  | 9,621 |  |  |  | 939,292 |  |  |  | 11,992 |  |  |  | 1,153,779 |
Total MSR additions |  | $ | 11,807 |  |  | $ | 1,196,493 |  |  | $ | 14,666 |  |  | $ | 1,469,773 |
Components of Mortgage Servicing Rights Income | The following table presents the components of our MSR income.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Servicing income, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income |  | $ | 4,026 |  |  | $ | 1,943 |  |  | $ | 7,624 |  |  | $ | 2,793 |
Late charges |  |  | 38 |  |  |  | 11 |  |  |  | 73 |  |  |  | 18 |
Cost of sub-servicer |  |  | (288) |  |  |  | (234) |  |  |  | (603) |  |  |  | (412) |
Net servicing income |  |  | 3,776 |  |  |  | 1,720 |  |  |  | 7,094 |  |  |  | 2,399 |
Market valuation adjustments |  |  | (5,553) |  |  |  | 8,827 |  |  |  | (8,265) |  |  |  | 9,169 |
Income from MSRs, Net |  | $ | (1,777) |  |  | $ | 10,547 |  |  | $ | (1,171) |  |  | $ | 11,568 |

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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7882072&loc=d3e122625-111746 + Details
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